Recap for July 18

  • Corn futures fell on forecasts of cooler weather after gains the past two weeks culminated in a five-year high Monday. For a fourth day in a row, U.S. wheat futures declined Thursday, mostly due to winter wheat harvest pressure. After export data indicated China had canceled soybean purchases for the first time since April, U.S. soybean futures hit their lowest level in more than a week before closing slightly lower. September corn dropped 11½c to close at $4.24½ a bu. August soybeans declined 1¼c to close at $8.81¼ a bu. August soybean meal dropped 50c to close at $307 a ton. August soybean oil dipped 0.04c to close at 27.64c a lb. Chicago September wheat dropped 12c to close at $4.93½ a bu. Kansas City September wheat fell 9c to close at $4.32¾ bu. Minneapolis September slipped 2¼c to close at $5.25½ a bu.
  • After initially declining, U.S. equity markets turned higher to post small gains Thursday after a Federal Reserve official said signs of economic weakening meant central banks must lower interest rates with haste. The Dow Jones Industrial Average edged up 3.12 points, or less than 0.1%, to close at 27,222.97. The Standard & Poor’s 500 Index was up 10.69 points, or 0.4%, to close at 2,995.11. The Nasdaq Composite added 22.04 points, or 0.3%, to close at 8,207.24.
  • .S. crude oil futures slid for a fourth session Thursday to their lowest closing price since June 19. The August contract settled $1.48 lower at $55.30 per barrel.
  • The value of the U.S. dollar weakened for a second straight day Thursday.
  • U.S. gold futures advanced again Thursday as the dollar declined. The August contract rose $4.80 to close at $1,428.10 an oz.

Recap for July 17

  • Corn futures edged higher and were near five-year highs on Wednesday, while forecast cooler weather raised expectations for improved crop conditions and pushed soybean and wheat futures lower. Egypt’s purchase of 60,000 tonnes of Russian wheat added pressure to wheat futures. September corn added ¾c to close at $4.36 a bu. August soybeans declined 5¼c to close at $8.82½ a bu. August soybean meal dropped 90c to close at $307.50 a ton. August soybean oil dipped 0.31c to close at 27.68c a lb. Chicago September wheat eased 2c to close at $5.05½ a bu. Kansas City September wheat fell 4½c to close at $4.41¾ bu. Minneapolis September dropped 2½c to close at $5.27¾ a bu.
  • U.S. equity markets declined for a second straight day Wednesday on perceived weaknesses in the growth outlook for some companies at the onset of earnings season. The industrial sector dragged on the S&P 500. The Dow Jones Industrial Average shed 115.78 points, or 0.4%, to close at 27,219.85. The Standard & Poor’s 500 Index fell 19.62 points, or 0.7%, to close at 2,984.42. The Nasdaq Composite declined 37.59 points, 0.5%, to close at 8,185.21.
  • U.S. crude oil futures slipped Wednesday, the August contract settling 84c lower at $56.78 per barrel.
  • The value of the U.S. dollar weakened Wednesday after firming the first half of the week.
  • U.S. gold futures advanced Wednesday as the dollar declined. The August contract rose $12.10 to close at $1,423.30 an oz.

Recap for July 16

  • Forecast rain poised to benefit Midwest crops sent grain and soybean futures lower Tuesday with added pressure from technical selling and better-than-expected U.S. Department of Agriculture crop condition ratings. Kansas City and Minneapolis wheat futures vied to the lead way lower while Chicago wheat saw only slim declines. Weather was mostly favorable for combining in areas of Southwest where hard red winter wheat harvest was still underway. A band of rain extending north from the Delta states to Michigan slowed wheat harvest, but the moisture was much welcomed for corn and soybeans. Soybean futures posted wide declines today, and corn futures also weakened. September corn future lost 5¾c to close at $4.35¼ a bu. August soybean future declined 14c to close at $8.87¾ a bu. August soybean meal dropped $3.20 to close at $308.40 a ton. August soybean oil dipped 0.29c to close at 27.99c a lb. Chicago September wheat eased ¼c to close at $5.07½ a bu. Kansas City September wheat fell 2¾c to close at $4.46¼ bu. Minneapolis September dropped 2¼c to close at $5.30¼ a bu.
  • U.S. equity markets hovered around a flat line Tuesday before beginning a midday retreat. Oil prices declined, and energy company shares subsequently dragged U.S. stock indexes away from record highs reached Friday and Monday. The Dow Jones Industrial Average lost 23.53 points, or 0.1%, to close at 27,335.63. The Standard & Poor’s 500 Index fell 10.26 points, or 0.3%, to close at 3,004.04. The Nasdaq Composite dipped 35.39 points, 0.4%, to close at 8,222.80.
  • U.S. crude oil futures dipped again Tuesday, the August contract settling $1.96 lower at $57.62 per barrel.
  • The value of the U.S. dollar strengthened Tuesday for a second day this week.
  • U.S. gold futures declined as the dollar rose. The August contract fell $2.30 to close at $1,411.20 an oz.

Recap for July 15

  • Corn, wheat complex and soy complex futures closed lower Monday after advancing at the opening bell. Tropical Storm Barry did not seriously disrupt grain processing and export facilities along Louisiana Gulf coast. Corn touched a five-year high on ideas that unprecedented planting delays and recent warm, dry weather may combine to damage the crop during its crucial pollination stage. But corn futures subsequently fell on predictions rain in wake of Tropical Storm Barry may benefit Midwest growing areas. Soybeans reached a one-year peak before turning lower as investors weighed weather risks and the long-running trade conflict with China. September corn future fell 13¼c to close at $4.41 a bu. August soybean future declined 11½c to close at $9.01¾ a bu. August soybean meal fell $3.20 to close at $311.60 a ton. August soybean oil fell 0.03c to close at 28.28c a lb. Chicago September wheat retreated 15¼c to close at $5.07¾ a bu. Kansas City September wheat fell 18¼c to close at $4.49 bu. Minneapolis September dropped 10¼c to close at $5.32¼ a bu.
  • U.S. stock indexes wavered between gains and losses before edging higher Monday, modestly extending Friday’s records. The Dow Jones Industrial Average added 27.13 points to close at 27,359.16. The Standard & Poor’s 500 Index gained 0.53 points to close at 3,014.30. The Nasdaq Composite added 14.04 points to close at a record 8,258.19.
  • U.S. crude oil futures dipped Monday. The August contract settled 63c lower at $59.58 per barrel, bringing its rise this year to 31%.
  • The value of the U.S. dollar strengthened Monday.
  • U.S. gold futures also closed higher Monday. The August contract gained $1.30 to close at $1,413.50 an oz.

Recap for July 12

  • Concerns that hot, dry weather during the key pollination phase for corn, which is occurring later this year due to spring planting delays, that may reduce yield prospects boosted corn futures to three-week highs on Friday. Soy complex futures also advanced on weather concerns. Wheat futures posted modest gains, mainly following corn futures. September corn futures jumped 10c to close at $4.54¼ a bu. August soybean futures rose 14¼c to close at $9.13¼ a bu. August soybean meal gained $2.40 to close at $314.80 a ton. August soybean oil advanced 0.13c to close at 28.31c a lb. Chicago September wheat added 1½c to close at $5.23 a bu. Kansas City September wheat rose 5¾c to close at $4.67¼ bu. Minneapolis September rose 1½c to close at $5.42¾ a bu.
  • U.S. stock indexes closed at record highs Friday amid optimism of an economy-stimulating interest rate cut signaled by the Federal Reserve this week, with added support Friday from gains in automobile shares. The Dow Jones Industrial Average surged 243.95 points to close at a record 27,332.03. The Standard & Poor’s 500 Index gained 13.86 points to close at a record 3,013.77. The Nasdaq Composite gained 48.10 points to close at a record 8,244.14.
  • U.S. crude oil futures eked out gains Friday but posted 5% gains for the week on concerns about production interruptions caused by tropical storm Barry in the Gulf, lower U.S. crude oil inventories and geopolitical tensions. The August contract settled 1c higher at $60.21 per barrel.
  • The value of the U.S. dollar declined on Friday.
  • U.S. gold futures advanced Friday and were near six-year highs. The August contract gained $5.50 to close at $1,412.20 an oz.